Commercial pressures have placed a new emphasis on the provision of liquidated damages and extensions of time in standard construction contracts in recent years. This book covers in detail the legal principles, and the effects and implications of recent judgements of the courts, and examines the relevant clauses of the current standard forms of building and civil engineering contracts. Particular attention is given to the pitfalls to be avoided in setting levels of liquidated damages, to the procedures that should be followed in granting extensions of time, and to the clarification of misunderstandings about time and damage that are prevalent in the construction industry.